The founder of one of the largest affordable housing owners in the country had his home raided by federal officers after being banned from entering federal housing contracts.

Federal agents searched the Waite Hill, Ohio, home of Millennia Cos. CEO Frank Sinito on Wednesday, News 5 Cleveland reported. Agents from the Department of Housing and Urban Development and the U.S. Department of Agriculture executed the search warrant.

Millennia owns thousands of low-income housing units across the country, as well as the tallest building in Ohio, the 1.3M SF Key Tower, and several upscale restaurants in Cleveland. It was the fifth-largest affordable housing owner in the county last year, according to Affordable Housing Finance.

Sinito is represented by Benesch Law in the matter. Marisa T. Darden, chair of the white-collar government investigations and regulatory compliance group at Benesch Law, told Bisnow that Millennia Housing Development is cooperating in the investigation.

"It’s important to remember that an investigation is just that," Darden said in an emailed statement. "There have been no arrests and no charges filed."

In March, HUD banned Sinito and his company from entering into new federal contracts until late 2028, according to letters reported by Fox 8. Two letters from HUD about the ban say Sinito was accused of improper conduct, including unauthorized transfers and underfunded security deposit accounts.

The federal agency claims nearly $4.9M is missing from 19 properties that either obtained subsidies or were insured by them, according to the letters.

Millennia owns more than 30,000 housing units across 26 states, 5M SF of offices and the Cleveland Downtown Marriott, according to its website.